World News

An article headline in Saturday’s Wall Street Journalread “Rate Talk Heats Up Within The Fed.” As Journalreporters Jon Hilsenrath and Michael Derby explained, “A debate is intensifying among the Federal Reserve’s regional bank presidents about whether to push interest rates up from near zero sooner than planned…”
Notable here is that in the late 20th century an informal and surely unplanned debate between central planning and free markets was staged, and the contest wasn’t even close. Ignoring for the purposes of this piece the often bloody governance that revealed itself inside countries that …Read more

Republicans are searching for big, bold ideas that will inspire voters to embrace a conservative agenda. To unite its disparate segments, the GOP needs to uphold our nation’s founding principles—a key requirement for Tea Party adherents—while fostering the aspirations of those who believe the United States should play a strong leadership role in the world. A prime opportunity presents itself in the most compelling problem America faces: the need to restore confidence in its economic future.
Uncertainty over interest rates and the Federal Reserve’s next policy move is discouraging private …Read more

Last week, the House Financial Services Committee held hearings on Federal Reserve reform. Maybe the Fed could explicitly follow monetary policy rules, or become subject to conventional audits, or be the subject of a commission reflecting on its hundred-and-one years of performance. These were some of the ideas floated. Warhorses including the old International Monetary Fund hand Simon Johnson were there to say no way: everything will go haywire if you change a thing with the Fed.
Sure, Professor Johnson. Rules, for example. These could turn out to be scary. Back when the Fed had to think …Read more

The absence of a gold standard in the United States is hindering economic growth and leading to ill-fated monetary policies, former Republican presidential candidate told more than 1,000 attendees during his keynote speech at the FreedomFest conference here.
Forbes confidently for a return to the gold standard to help stabilize the falling U.S. dollar, reassure foreign investors of the value of U.S. government bonds and spur federal spending discipline. He pointed blame directly at the U.S. government by telling attendees that such intervention is needed because “Big Brother” is “destroying …Read more

A weak U.S. dollar is a threat to the global economy and the only way to stop the greenback’s decline is to reintroduce a gold standard, said media tycoon, Steve Forbes.
Forbes, the editor and chief of Forbes Media, was one of the keynote speakers at the annual Freedomfest conference in Las Vegas, an annual convention that looks to gather free minds for open discussions on politics and the economy.
In an interview with Kitco News’ Daniela Cambone, Forbes talked about gold’s role it the U.S. economy, which is also highlighted in his latest book MONEY: How The Destruction Of The Dollar Threatens …Read more

A cable this morning from Professor John Taylor of Stanford alerts us to the introduction in Congress of the newest piece of legislation offered in respect of monetary reform. It is called the Federal Reserve Accountability and Transparency Act of 2014.” H.R. 5018 would, , require the Fed to adopt a “rules-based policy.” The Fed would make the rules. It would then have to submit them to Congress, and be transparent about whether it is following them. The Sun endorses the measure as a step in the right direction. …Read more